JACKSONVILLE, AL – On Friday morning, business and community leaders gathered at Jacksonville State University’s (JSU) Merrill Hall for the 23rd Annual Economic Forum, an event aimed at shedding light on the current state of the economy at the local, state, and national levels. Hosted by the Calhoun County Area Chamber & Visitors Center in partnership with JSU, the forum provided valuable insights to Chamber members and industry leaders, guiding their decision-making for the upcoming year.
Dr. Mark Hearn, Associate Dean of the College of Business & Industry at JSU, delivered a presentation based on compiled data from the Center for Economic Development and Business Research. He emphasized that Calhoun County’s 2024 revenue rate had significantly outpaced both the state and federal economies. “Calhoun County’s revenue is up drastically, significantly – 8.21%. That’s a very positive number,” Dr. Hearn remarked.
The data also highlighted the breakdown of the county’s Simplified Sellers Use Tax from FY23-24, showcasing contributions from various cities: Calhoun County (41%), Oxford (19%), Anniston (19%), Jacksonville (12%), Piedmont (4%), Weaver (3%), Ohatchee (1%), and Hobson City (1%).
Dr. Hearn, who has been with JSU since 1989, holds a Ph.D. in Business Administration from the University of Arkansas, along with a B.S. and MBA from the University of North Alabama. He has spent his career fostering economic understanding among students and business leaders alike.
This year’s guest speaker, Anoop Mishra, Vice President and Regional Executive at the Birmingham Branch of the Federal Reserve Bank of Atlanta, shared his insights on the ongoing inflation concerns that continue to affect the broader economy. “Inflation came down considerably in 2023, but it has really kind of stalled out. It’s been trending downward, but it’s been bumpy,” Mishra explained. He noted that while the Federal Reserve aims for a 2% inflation target, the current rate has hovered between 2.5% and 3%. Mishra’s outlook for inflation remains “uncertain,” as trends in Core CPI and Core PCE data show mixed signals.
Mishra’s role at the Federal Reserve involves overseeing the Regional Economic Information Network (REIN) in Alabama, where he gathers economic intelligence from business and community leaders to help inform monetary policy decisions.
The Economic Forum offered attendees a unique opportunity to gain a better understanding of the region’s economic performance and national trends. As economic activity continues to show mixed signals, local leaders will undoubtedly be paying close attention to the ongoing data, ensuring they are prepared to adapt to challenges and opportunities in the coming year.
The forum concluded with discussions about local economic trends, including robust sales tax collections and job market developments. The insights shared at the event will help guide business strategies in the months ahead, ensuring that Calhoun County remains positioned for continued success in an uncertain economic climate.
